Shareholder Value

Royal Gold’s business model is inherently scalable and efficient, resulting in margin expansion as the price of gold increases. We do not conduct mining operations on the properties in which we hold streaming and royalty interests, and, except for our interest in the Peak Gold, LLC joint venture, we are not required to contribute to capital costs, exploration costs, environmental costs or other operating costs on those properties. We are not exposed to the inflationary pressures which have impacted the rate of return and profit margins of operating mining companies over the past several years.